12 May 2010 06:26 [Source: ICIS news]
SINGAPORE (ICIS news)--Bitumen prices in China have dropped yuan (CNY)80-100/tonne ($12-15/tonne) on reduced demand due to tank top inventories at some key ports and heavy rains in parts of the country, said buyers and sellers on Wednesday.
Domestic values for the key 60/70 PEN grade had dropped to CNY 4,570-4,650/tonne ex-tank, down CNY80-100/tonne from late April, they added.
While inventories at several ports like ?xml:namespace>
Bitumen, which is an extremely dense and viscous derivative of crude, is used in road paving and water-proofing applications in construction.
Spot sales would be slow through May as buyers in China were asking for delayed shipments due to lack of storage space, said a southeast (SE) Asia-based bitumen seller.
Selling indications from
These prices were however, not workable in China due to the lack of buyers currently and even then, buying ideas were generally below $555/tonne CFR south China, said market sources.
According to Chinese government trade statistics,
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